Penn Mutual Life Insurance Company vs National Life Group
Comprehensive side-by-side comparison of indexed universal life insurance companies
Penn Mutual Life Insurance Company
Founded: 1847
Horsham, Pennsylvania
Assets
$39.3 billion
IUL Experience
20+ years
Products
2
Avg Cap Rate
10.5%
Key Strengths
175+ year history with mutual structure
Record $265 million dividends (2025 - highest in history)
Contractually locked 6% policy loan rate for life
Guaranteed 1% minimum interest growth
Paid dividends during Great Depression and Recession
National Life Group
Founded: 1848
Montpelier, Vermont
Assets
$45 billion
IUL Experience
20+ years
Products
3
Avg Cap Rate
Competitive market rates
Key Strengths
Market leader with 17.4% market share
Lifetime Income Benefit Rider with 10-year waiting period
Industry-leading chronic illness rider
175+ years operating history
Mutual structure aligns with policyholder interests
Detailed Feature Comparison
| Feature | Penn Mutual Life Insurance Company | National Life Group |
|---|---|---|
| Founded | 1847 | 1848 |
| Headquarters | Horsham, Pennsylvania | Montpelier, Vermont |
| Assets Under Management | $39.3 billion | $45 billion |
| Years in IUL Business | 20+ years | 20+ years |
| Number of IUL Products | 2 | 3 |
| Typical Cap Rate Range | 9% - 13% | Not publicly disclosed - Not publicly disclosed |
| Participation Rates | 120% | Competitive market rates |
| Minimum Premium | $3,600 annual | $50,000 (FlexLife) |
| Issue Ages | 0-80 | 0-85 years |
| Underwriting Speed | 3-5 weeks standard | 2-4 weeks standard |